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Pacific Energy signs 12th power station supply contract - to supply Saracen gold mine

Published: 02:05 23 Jul 2009 BST

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Pacific Energy (ASX: PEA) received a filip as it inked a three year electricity supply agreement with Saracen Gold Mines (ASX: SAR) to "build, own and maintain" a power station for the Carosue Dam gold mine in Western Australia.

Since the acquisition of Kalgoorlie Power Systems (KPS), Pacific is now the leading provider of long term mine site power in Western Australia.

Employing a Build/Own/Maintain business model, KPS has been a pioneer and leader of dual fuel technology, delivering reduced costs and enhanced flexibility for clients.

Pacific now owns and maintains power stations with 117 MW of active generation capacity.

Carosue Dam gold mine is located approximately 90km NE of Kalgoorlie, Western Australia.  Pacific will supply electricity for the commissioning and operation of the 10MW power station located at the Carosue Dam gold mine.

The deal involves the restart of the existing Carosue Dam power station, that was purchased by Pacific Energy as part of the acquisition of the Kalgoorlie Power Systems business (KPS) earlier in 2009.

The cost of re-establishing power station operation will be minimal with commissioning scheduled for December 2009.

Assisting the tickle in its share price, Pacific Energy is negotiating contracts to supply electricity to other mining projects which are expected to be signed in 2009.

Pacific Energy’s Managing Director, Mr Adam Boyd said, “the signing of this new 3 year contract to supply electricity to Saracen’s Carosue Dam gold mine increases Pacific Energy’s total contracted capacity to 117MW at 12 remote mines sites around Australia.

Boyd said, "we continue to be encouraged by the breadth of opportunity to grow the Kalgoorlie Power Station core business model of providing build, own and maintain remote power stations.”

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